These differ by
jurisdiction, but generally the legal relationship is set up by a
settlor, where assets are put into the trust for the benefit of one
or more beneficiaries (or for a stated purpose, such as a charitable
Trust accounts are
very useful for money laundering, hiding beneficial owners,
converting between assets, and processing illicit funds. They can
also be formed in privacy havens making details about them impossible
beneficiaries can also be used as they don’t require any
justification as to the source of the wealth.
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